Society Pass Incorporated (“SoPa”), Southeast Asia’s leading data-driven loyalty, fintech and e-commerce platform, announced recently the results of its earnings for the third quarter of this year in a filing made with the Philippines’ Securities and Exchange Commission (SEC).
In the company’s report, SoPa said that its unaudited revenue for the first 9 months of 2022 (which ended September 30) already reached $2,994,416 — a 2,870% year-on-year growth compared to the unaudited revenues of $100,823 that it recorded last year for the same reporting months. Its unaudited third-quarter revenues also grew by 2,354% year-on-year, from $83,534 in the 3rd quarter of 2021, to $2,050,264 in the third quarter of 2022.
Its unaudited third quarter 2022 revenues also grew 311% quarter on quarter (from $499,062 for the second quarter ending in June 2022) to $2,050,264 for the third quarter ending on September 30, 2022.
Remarking on SoPa’s breakout 3Q 2022 financial performance, Raynauld Liang, CFO of Society Pass, said, “Our continuing robust year-on-year and quarter-on-quarter sales expansion confirms our momentum building, acquisitions-focused operating model. We saw a dramatic rise in revenues and number of registered consumers and registered merchants/brands.”
These results augur well for the company, which is also eyeing to hard launching its loyalty platform in the fourth quarter of this year so users can, at such time, pay for goods and services in-store, in-app, or online.
“Leflair continues to recognize strong revenues whilst our TMG and NusaTrip subsidiaries are generating the bulk of sales for the entire company. With the strong foundation being built, we look to achieve new highs in revenues as well as a number of registered consumers and merchants in the 4th quarter of 2022 as we integrate market-leading companies in the loyalty, lifestyle, food and beverage delivery, telecoms, digital media, and travel verticals,” Liang said.
SoPa acquires fast-growing e-commerce companies and expands its user base across a robust product and service ecosystem. It integrates these complementary businesses through its signature “Society Pass” fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023.
Under the Society Pass loyalty program, members can earn and redeem Society Points and receive personalized promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviors.
Society Pass leverages technology to tailor a more personalized experience for customers in the purchase journey and to transform the entire retail value chain in SEA.
SoPa now well capitalized to roll out its platform, continue acquisitions
With a reporting cash-on-hand of $23 million as of September 30, 2022, SoPa is well capitalized for roll out of the Society Pass loyalty platform and continuing acquisitions of other Southeast Asian companies in loyalty, lifestyle, food and beverage delivery, telecoms, digital media, and travel verticals for the rest of 2022 and 2023.
SoPa currently operates Leflair.com, Vietnam’s leading lifestyle e-commerce platform; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Pushkart.ph, a popular grocery delivery company in the Philippines; and Handycart.vn, a leading online restaurant delivery service based in Vietnam.
In the third quarter of 2022, the company has also completed three new acquisitions: Thoughtful Media Group (“TMG”), a Thailand-based a social commerce-focused, premium digital video multi-platform network; Mangan.ph, a Philippines-based restaurant delivery app; and NusaTrip, a social commerce-focused that has since emerged as one of the leading online travel agencies in Indonesia.
With these three acquisitions, SoPa has since amassed over 3.3 million registered consumers and over 205,000 registered merchants/brands onto its ever-expanding next-generation digital ecosystem and loyalty platform in the Southeast Asian region.
It also opened new offices in Bangkok and Jakarta earlier this year and invested more than two years in building proprietary IT architecture in order to effectively scale and support its consumers, merchants, and acquisitions.
SoPa was founded in 2018 as a data-driven loyalty, fintech, and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, the Philippines, Singapore and Thailand. It currently accounts for more than 80% of the Southeast Asian population.
With offices located in Angeles, Bangkok, Hanoi, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants and brands across multiple product and service categories throughout the region.
Society Pass has completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021. SOPA shares were added to the Russell 2000 index in December 2021.